SEBI bans 5 for falsely cornering Pyramid Samira shares

PTI|

Jun 25, 2009, 08.05 PM IST

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MUMBAI: Market regulator SEBI on Thursday banned 5 persons, who are allegedly involved in the Pyramid Samira case, from buying and selling shares in capital markets for 3 years after the watchdog found they had cornered employee quota shares of the company by pretending to be on its roles.

Five persons, who allegedly acted in collusion with the Pyramid Samira Theater Limited (PSTL), have also been asked to surrender the money they made by obtaining employee quota shares along with an interest of 20 per cent.

These persons, SEBI order further said, would be banned for seven more years from buying and selling shares if they fail to surrender the "unlawful gains" made by acquiring shares during the initial public offer (IPO) of PSTL which hit the market in December 2006.